Date

14 Jul 2023

Attendees

Agenda

1) Use Case reminder

2) Where we are on our road map.

3) Open Action Items

4) JIRA Issues Review - https://jira.edmcouncil.org/projects/SEC/issues/SEC-7?filter=allopenissues

5) Todays content discussion.

SMIF OWL-UML

SKOS

RDF/S

6) For next week.

Proceedings:

In looking back at the issues we wanted to resolve for the end of Q2:

FND-379 – add a definition for EBITDA - done

SEC-119 – add ICB and GICS industry classification schemes

SEC-186 – add bearer and bearer/registered under Security Form – no doc attached since this is just an assignment of something we already have to Security Form (they are in the ontology but not directly as child classes of security form) ... the approach to fixing this would be to have all instances of security form be instances of the class security form and eliminate the class called registered form (i.e., deprecate it) - done

DER-117 – mini-future certificates and constant leveraged certificates - in progress

SEC-181 - Investigate the need to augment the set of debt baskets with some additional refinements

We also started looking at what we might tackle with respect to larger issues to be released this quarter. Options include CDOs, MBS, and loan participation notes, among others. There are some circular dependencies between CDOs and MBS that need to be addressed - CDOs should depend on MBS, not the other way around. That should clearly be addressed and the dependent elements moved to CDOs. These are mainly dependencies related to tranches, which should all be moved to CDOs as a starting point. We raised SEC-188 to look into this specifically.

We took a look in particular at loan participation note, which is not covered in the CFI but is mentioned in wikipedia and investopedia. We also realized that we don't have coverage in loans for syndicated loan, which is a gap that should be addressed. We can talk with Pinnacle Bank and others, possibly Wells Fargo and Deutche Bank, to get additional parameters that apply to syndicated loans. Syndicated loans are primarily very large, over $50 million, and the participants as well as borrowers tend to be very large organizations. A couple of concepts to include are 'lead lender' and 'syndication agreement'. Such agreements may be bilateral between the lead lender and an individual participant, setting out the pro-rata ratio for participation by participant.

We might also consider adding / extending the details we have for Financing (section 6.13) and complete the concepts defined therein, including, for example, reverse repo, and other attributes we may be missing on repos in general.

Near term - finish the work on SEC-119, 181, and 188, and complete the work on loan participation notes (SEC-189), as well as SEC-185, related to moving certain debt analytics statistics to instrument pricing. JG will investigate SEC-185 - and potentially propose use cases for the various subclasses of price. Note that some of the terms in debt analytics are jargon, such as 'clean' and 'dirty' price. FIBO should include the correct terminology used in, for example, legislation or regulatory rules, rather than jargon, and add the jargon as synonyms. Elisa will also talk with Rich Robinson (Bloomberg) about pricing models and how Bloomberg treats them, whether they use classes or properties to represent them, as well as Wells Fargo Securities. We are also missing Ask Price as a concept in our pricing ontology.

Decisions:

Action items

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